Primoris Services (NASDAQ:PRIM) Hits New 1-Year High at $48.40

Primoris Services Co. (NASDAQ:PRIM) shares hit a new 52-week high on Friday . The stock traded as high as $48.40 and last traded at $47.23, with a volume of 30587 shares traded. The stock had previously closed at $47.03.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group upped their target price on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, April 5th. The Goldman Sachs Group upped their price objective on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. StockNews.com lowered Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Finally, DA Davidson increased their price target on shares of Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, April 4th.

Primoris Services Price Performance

The stock has a 50-day moving average price of $42.90 and a two-hundred day moving average price of $36.28. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 20.39 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter last year, the company earned $0.93 earnings per share. The company’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, equities research analysts forecast that Primoris Services Co. will post 2.61 EPS for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.51%. Primoris Services’s payout ratio is 10.34%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $40.61, for a total transaction of $812,200.00. Following the sale, the director now owns 237,281 shares in the company, valued at approximately $9,635,981.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Travis L. Stricker sold 7,500 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,068 shares in the company, valued at $362,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the sale, the director now directly owns 237,281 shares in the company, valued at $9,635,981.41. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,000 shares of company stock worth $2,040,125. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in Primoris Services during the fourth quarter valued at approximately $15,550,000. Lord Abbett & CO. LLC purchased a new position in shares of Primoris Services during the 3rd quarter valued at approximately $10,592,000. Goldman Sachs Group Inc. increased its holdings in shares of Primoris Services by 122.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after purchasing an additional 288,651 shares in the last quarter. Verition Fund Management LLC lifted its stake in shares of Primoris Services by 64.9% in the 4th quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock valued at $19,223,000 after purchasing an additional 227,916 shares during the period. Finally, Foundry Partners LLC purchased a new stake in Primoris Services during the third quarter worth $5,193,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.